💸 India’s eRupee CBDC is set to take a giant leap forward! 🚀 The Reserve Bank of India (RBI) is gearing up to enable CBDC payments through existing UPI QR codes. 📲 This interoperability element will make using India’s national digital currency a breeze, as UPI scanners are already widely used for online payments across the country.
According to reports, the RBI representatives revealed during a G20 event that CBDC payments via UPI QR codes will be deployed by the end of this month. 🗓️ An official announcement is expected soon, bringing more convenience to retailers and customers alike.
Major state-owned and private lenders, including State Bank of India, ICICI Bank, and others, are actively participating in the ongoing CBDC trials. The smoothness of CBDC transactions is being tested at various retail levels, with even Mukesh Ambani’s retail stores accepting CBDC payments since February.
CBDCs function like cryptocurrencies but are regulated and issued by central banks, revolutionizing online payment systems and reducing reliance on physical cash. 💳 The pilot for the retail digital rupee began last year, and RBI’s governor believes that CBDCs will bring a fundamental change to our currency system as we know it. 🔄
Get ready for a digital currency revolution! 🌐💰
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